It is almost four months since Saudi Arabia and its partners announced a transport and trade embargo on Qatar. Unless attitudes in Riyadh and Doha change, it could become a lasting one.

The embargo is hurting Qatar more than its opponents, but no one is obviously losing. It is a formula for stalemate.

For business, the GCC divide is a complication not a crisis. The region remains by far the largest market for imported goods and services in the Middle East and one to rival any other emerging market.

The governments of GCC countries have more than $1 trillion in savings. The six account for about 18 per cent of global oil output and Qatar is the world’s leading liquefied natural gas exporter. Up to 15 million foreigners live and work in GCC countries. Despite all that has passed since June, they remain markets few can ignore.

There is no evidence exporters are abandoning these markets because of the split. They need GCC countries. This cannot be said of the Gulf Co-operation Council, which has become, like the Arab League, a reminder of shattered dreams of regional collaboration.

People that use the UAE as a regional hub are dealing with the inconvenience of having to travel to Doha via Muscat or Kuwait. Alternative routes for tangible goods are also being used. Companies based in the UAE have been told they must have an office in Qatar if they want to serve Qatari customers. Some international banks operating in Doha are beginning to wonder whether it is worth the effort.

No one has been told that they can do business with Qatar or Saudi Arabia and its partners, but not both. Yet.

For the moment, the bulk of the cost of the Middle East’s most avoidable confrontation is being shouldered by the antagonists. Meanwhile, public relations firms and lobbyists are enjoying a fee windfall as squabbling Arabians seek to win the communications war.

But the GCC majority is determined to get their way and may in due course seek greater commitment from companies doing business with them. If that moment comes, difficult choices will be required.

No one wants to get on the wrong side of Saudi Arabia, the largest Middle East economy. It is poised to launch the world’s biggest initial public offering and has embarked on an eye-catching privatisation programme.

We hoped it would all be over by now. But what is essentially a family row has turned into a slugging match that could become more intense before it ends.